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India: Motorcycle Insurance Coverage To Be 3 Years

2
September
2014
  Posted at 02:00:00 PM
  File under  News
  Author: Mike Werner
  Location: Normandy, France
click to see where India is on the map

This is an interesting development which I have never thought about. I'd dare say that in most countries in the world, your motorcycle insurance is for 1 year coverage. You get your insurance bill, pay it, and you're covered for one year.

But in India, the government is moving the insurance companies to cover their police holders for 3 years in one go. And there is a lot of merit for such a move if you think about it.

1. The annual insurance premium can not be changed. Therefore you are assured that your insurance premiums will remain stable for three years.
2. Since there is less administrative work to be done by the insurance company, their costs should go down, and therefore in the long run, so will your insurance premiums.

The insurance companies in India will adopt this new scheme only for motorcycles and scooters initially. If the scheme works out, cars will be included as well.

India Motorcycle Insurance Certificate
Motorcycle Insurance Certificate from India

It's an interesting development that merits other countries to look into. Is your motorcycle insurance covered for more than one year??? Would you like it to be covered for more than one?

Via: MotorBeam



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